Search results for

Rupert Lewis has left the building. Yes, the market's very own Evil Kineval, the fop from Fulham, the Star of Leak '99, has called it a day and followed his friend Johnny Fine out of those Victoria Embankment doors. JP Morgan and Mr Lewis have parted company for one last time. Leak does not like to blow its own considerable trumpet, but it would like to congratulate itself on predicting this very event for some time. Back in September last year, when the merger of Chase and Morgan was first announced, Leak said: "Leak can't really see Rupert Lewis having much time for the Chase upstarts. Don't be surprised if, after the dust settles, Rupert pitches up somewhere other than MTNs. Leak suspects that there are only so many power reverse duals the star of Leak 99 can take before bigger and better things beckon." And so it has proved. Accountant extraordinaire, Garrath Fulford, is left running the newly-merged desk while Rupert moves onto other things. Apparently Rupert has decided that after dedicating the last nine years at Morgan (and most of those to MTNs) he deserves a break. So he is taking the next six months off to reinvent himself as a ski-bum. He is off to live in a chalet in Chamonix, France. Another market figure is taking a (shorter) ski break. Dresdner's Henry Nevstad is this weekend getting married back in his native Norway and then honeymooning in Aspen for a week's skiing. This is followed by another week in Mexico. Henry has ensured that most of the riff raff he has worked with are bared from ruining his special day, but John Tuke - his boss from the days he was a junior on the Merrill's desk - is over in Europe and invited. Tuke was even threatening to make an appearance at this last night's beer and bratwurst evening at Bavaria House. This is Balaba's annual post-Christmas party where they chop their guest's ties in half. What charming, sophisticated German hospitality. Klaus Svendsen has vowed never to return after his brand-new natty number was scissored a couple of year's ago. He has escaped the frolics by going off to the oh so exciting Nordic local government forum. But Dean 'the dog' Fogg and Mike Bransford from Merrill and Julia Abbott from Commerzbank, UBS' Gavin Eddy et al all made an appearance. UBS is planning a slightly more interesting evening for its clients at during the Euromoney conference in March. After last year clever gimmick of hiring out the whole of the London Eye to give everyone a bird's eye view of London, it has decided to go underground and give everyone a rat's eye view. Though details are still being finalised, apparently the party is to be held in a disused railway tunnel. This does not exactly sound like the classy venue Gavin Eddy promised everyone. But there are rumours circulating that he may have persuaded some arty-type celebs to come to his party in order to give the sewer-like venue some urban chic. And Westpac has found a replacement for Jonathan Minor, who left in December to go off to Daiwa. He is Andrew Smith, who is coming over from Australia in a couple of week's time in order to relieve Chris Bannister and Anna D'Ercole who have been running the treasury for the last two months.

Following the promotion of Michael Marks, executive chair of Merrill Lynch Europe, Middle East and Africa (MLEMEA) to executive vice president, Merrill is restructuring and integrating its EMEA debt operations. The intention is to create a more focused approach to client care. Mike Clancy is to head a European credit products group. It will include euro sovereigns, Pfandbriefe and agencies, investment grade, high yield and leveraged loans. Dale Lattanzio, who ran the real estate business, now takes on a structured credit trading team within the European credit products group. His team will cover illiquid trading of secondary credit products, asset swaps, default swaps structured credit derivatives and ABS, bringing a range of risk products together.

Bahrain A letter has been sent by the finance ministry of Bahrain inviting banks to submit proposals for the financing of the expansion of the Al Hidd power station.

* Merrill Lynch has made several senior management changes. Daniel Bayly becomes chair of investment banking in the corporate and institutional client group. He joins the office of the chairman. He was previously co-head of global investment banking, and has been head or co-head of investment banking for seven years. Sam Chapin succeeds Bayly as co-head of global investment banking. The other co-head is Kevan Watts, in London. Chapin is currently co-head of the global industries investment banking group.

Czech Republic Deputy finance minister of the Czech Republic, Eduard Janota, has said that the Czech central bank will consider in early March a Eurobond issue this year. An alternative may be to look at ways of improving foreign access to the domestic bonds market - the most developed in emerging Europe.

France Télécom (FT) this week generated Eu22bn in demand for a Eu3.1bn exchangeable bond that could provide a ray of light in an increasingly cloudy sky for the telecoms operator. On Tuesday the lead managers of the Eu10bn-Eu11bn IPO of FT's mobile unit, Orange, were forced to lower the price range by 18% to attract quality investors into the book. The move helped generate even greater interest in the equity-linked paper, which was more than eight times oversubscribed with over 1,000 orders. The equity issue is also covered, but selling the stock has been difficult for the issuer and the banks involved.

The telecoms sector widened this week as France Télécom once again cut the price range for the IPO of its mobile arm, Orange, renewing fears that Europe's telecoms companies will struggle to fulfil the debt reduction programmes put in place to maintain their ratings. The reduction in the price range for the equity issue lowers the valuation of Orange from Eu55bn-Eu65bn to Eu46bn-Eu35bn. However, a spokesperson for France Télécom told EuroWeek that the cut should not put pressure on the company's ratings.

Patientline, a UK-based provider of bedside entertainment and communication services in hospitals, plans to raise £30m-£50m (Eu47m-Eu78m) from its listing on the LSE's Aim in the first quarter. ING Barings will manage the issue. The company is at the forefront of an apparently lucrative market. The UK government has recently published regulations that bedside televisions and telephones should be available in all major hospitals in England by 2004. Patientline has been awarded one of three government licences to implement this plan.

* Bayerische Handelsbank AG Rating: AAA

Philips Electronics is due to sign a $2.5 billion global CP programme on Monday, February 12. Citibank is the arranger. It is only the second Dutch issuer to ever sign a global CP, following Shell Finance, which signed its $6 billion global CP facility in July last year. Citibank arranged seven Euro- and global CP shelves in 2000 for Finance for Danish Industry, Electrolux, Prudential, Achmea Holding, Kerr McGee, CIC Funding and one also for itself.

Poland's Eu750m 2011 launched last year prompted a raft of new mandates this week including two corporates and two first time issuers. Bankers said that the sovereign bond has served to whet investor appetites at a time when Polish credit is back in vogue. Falling inflation and interest rates, a narrowing current account deficit and re-accelerating growth have combined to drive a wave of demand for more Polish exposure, with German banks and funds thought to be at the forefront.

Republic of Italy has ended the week with a 30-year euro150 million ($146.81 million) note that pays a single coupon of 23.19% at the end of the tenor. It is the longest note the borrower has issued since joining the MTN market in July 1998. And euro accounts for over 50% of the issuer's debt off the $24 billion programme, having raised $11.35 billion-worth in the currency to date.